Emmanuel OchayiThe Nigerian Exchange Group (NGX) witnessed a dip in market capitalization, sliding to N39.103 trillion following a 0.49% decline. The reversal saw equities shedding N192 billion in value, marking a downturn from the previous day’s gains.
The most striking shift came from FBN Holdings, which incurred a substantial loss of 9.86%. This downturn not only impacted the bank’s standing but also resulted in its ejection from the SWOOT club, reversing earlier gains made during the week.
The market’s trading volume saw a marked decrease, plummeting from 690.011 million units to 436.557 million units, signifying a considerable drop in investor activity. Additionally, market turnover took a hit, experiencing a 37.6% decrease with the traded value slipping to N7.55 billion compared to N12.1 billion the day before.
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Examining the market indices, the NGX All-Share Index closed at 71,457.92 points, witnessing a shift of +0.49%. The day’s trading spanned from a low of 71,418.82 points to a high of 71,859.23 points. However, the Year-to-Date percentage remained positive at +39.43%.
Top gainers for the day included MULTIVERSE (+9.91%), SCOA (+9.76%), MANSARD (+9.76%), INFINITY (+9.52%), and TIP (+9.70%), displaying impressive uptrends in their closing prices.
Conversely, notable losers were led by FBN Holdings (-9.86%), followed by NSLTECH (-9.64%), DEAPCAP (-9.46%), CHAMPION (-7.04%), and TANTALIZER (-6.00%).
UNIVINSURE (+8.00%) dominated the volume traded with 52.73 million units, followed by VERITASKAP (+5.88%) with 44.57 million units and NB (+0.13%) with 37.46 million units. Meanwhile, in terms of value, NB (+0.13%) led with N1.388 billion traded, followed by ZENITHBANK (-2.35%) with N1.121 billion.
The SWOOT category displayed limited activity, with only GTCO (-1.76%) and ZENITHBANK (-2.35%) recording price changes, while the remaining members (BUAFOODS, AIRTELAFRI, BUACEMENT, SEPLAT, MTNN, and DANGCEM) saw no alterations.
The banking sector faced negative trading sentiments, particularly observed among tier-1 banks. FBNH (-9.86%), ACCESSCORP (-5.21%), GTCO (1.76%), UBA (-0.46%), and ZENITHBANK (-2.35%) all experienced declines, marking a shift in the sector’s previously bullish trajectory.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
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